Crypto Market Daily Highlights – XRP Led the Top Ten into the Red

Key Insights:

• It was a bearish Tuesday for the crypto top ten, with XRP leading the way down for a second consecutive session.
• Risk aversion hit the crypto market, which had enjoyed a bullish morning session before succumbing to external market forces.
• The total crypto market cap fell by $7.1 billion to $895.9 billion.

It was a bearish Tuesday session for the crypto top ten. XRP led the way down for a second session. Waning investor optimism towards a favorable outcome to the SEC v Ripple case weighed. BTC visited $20,000 for the first time in nine sessions before ending the day in the red.

US economic indicators likely contributed to the afternoon sell-off. In September, the CB Consumer Confidence Index increased from 103.6 to 108.0. Economists forecast a rise to 104.5. The increase came despite the current inflation environment, the Fed’s policy moves, and the economic outlook.

The consumer confidence figures support the Fed’s policy goals, which likely contributed to the risk-off session. Jobs and wages were the driving force behind the pickup in consumer confidence. The survey cut-off date was before last week’s interest rate hike.

On Tuesday, the NASDAQ 100 rose by 0.25%, while the S&P500 and the Dow fell by 0.21% and 0.43%, respectively. This morning, the NASDAQ 100 Mini was up 23.75 points.

Crypto Market Fell Back to sub-$900bn in Risk-Off Session

On Tuesday, the crypto market cap surged to a mid-day high of $944.9 billion before sliding to a late low of $882.4 billion. The afternoon sell-off left the market cap at $895.9 billion, down $7.1 billion for the session.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bearish Tuesday session for the crypto top ten.

XRP and SOL led the way down, sliding by 4.68% and 3.54%, respectively.

ADA (-1.34%), BNB (-1.38%), and DOGE (-1.02%) also struggled, while BTC (-0.72%) and ETH (-0.65%) saw modest losses.

From the CoinMarketCap top 100, it was a mixed session.

Quant (QNT), Reserve Rights (RSR), and Uniswap (UNI) led the way. RSR surged by 12.41%, with QNT and UNI seeing gains of 10.55% and 7.47%, respectively.

However, Terra Classic (LUNC), Terra (LUNA), and Chiliz (CHZ) were among the worst performers. LUNC and LUNA slid by 9.05% and 9.93%, respectively, with CHZ falling by 3.37%.

24-HourCrypto Liquidations Spike as Market Conditions Turn Bearish

Over 24 hours, total liquidations saw a sharp increase on Tuesday, returning to a more normal level.

At the time of writing, 24-hour liquidations stood at $154.14 million, up from $79.89 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 49,758 versus 42,166 on Tuesday morning. Liquidations were up over twelve and four hours and the final hour of the day (UTC).

According to Coinglass, 12-hour liquidations stood at $86.08 million, up from $25.84 million on Tuesday morning, with four-hour liquidations up from $3.31 million to $4.38 million. One-hour liquidations rose from $0.612 million to $1.92 million.

The chart below shows market conditions throughout the session.